Sweden Reverses Course: Cash Returns as a Matter of Survival, Inclusion and Security

 Sweden, once celebrated as the world’s frontrunner in going cashless, is now taking legal steps to safeguard the role of cash in society. Policymakers and the central bank have come to see that physical money is a vital tool for social inclusion and national security.

In its response to the government’s Cash Inquiry, the Swedish Central Bank (Riksbank) has called for urgent legislation to guarantee that everyone can continue to pay in cash.

Governor Erik Thedéen put it plainly: “People should always be able to pay for food, healthcare and medicines both digitally and with cash. The increasingly turbulent global situation, increased cyber attacks and also the major power outages in southern Europe show the importance of being able to make payments even when the internet is down.” (...)